Interpretation.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... other particulars, as prescribed; (b) "approval" means an approval under the second proviso to section 80G(5) of the Income-tax Act, 1961 (43 of 1961) or section 354; (c) "cancellation" includes withdrawal; (d) "donation" means any voluntary contribution received by a registered non-profit organisation from any person; (e) "commercial activity" means any activity in the nature of trade, comme .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... (i) the author or the founder of the registered non-profit organisation; (ii) any person whose total contribution to such registered non-profit organisation, during the relevant tax year exceeds one lakh rupees, or, in aggregate up to the end of the relevant tax year exceeds ten lakh rupees, as the case may be; (iii) where such author, founder or person is a Hindu undivided family, a member o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the spouse of the individual; (j) "residual income" means the total income, as reduced by regular income and specified income; (k) "specified asset" means any asset which is established to have been directly acquired by the specified person-- (i) out of its income of the nature referred to in Schedule II (Table: Sl. No. 1); (ii) during the period beginning from the date of its creation or es .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the first proviso or the second proviso to section 12A(2) or the eighth proviso to section 10(23C), of the Income-tax Act, 1961 (43 of 1961), are applicable; and (iv) which has been transferred to any other specified person within twelve months from the end of the month in which the dissolution takes place in respect of a case specified in section 352(5) (Table: Sl. No. 9); (l) "specified pers .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ore of the other related persons are entitled in the aggregate at any time during the tax year, to not less than 20% of the profits of such concern; and (o) "value" means the value of any benefit or facility granted or provided free of cost or at concessional rate to any related person. - Clause 355 of the Bill seeks to provide the meaning of different terms used in this Chapter.
Statute, s .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X